Wynn Resorts to Release Revenues Today: Here’s What to Expect

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The world leader in casinos and hotels, Wynn Resorts Limited WYNN is set to release its second-quarter results after the bell on Tuesday.

Earnings outlook: Today’s report comes after the company’s three main competitors released their quarterly results. These companies are Las Vegas Sands Corp. LVS, MGM Resorts International MGM and Caesars Entertainment Inc. CZR.

It should be noted that the three companies followed the same trend when publishing the results, in faded away analyst consensus estimates for earnings per share (EPS) but beat estimated quarterly earnings.

One of Wynn’s main areas of concern is with its properties in China – Wynn Macau and Wynn Palace – due to national COVID-19 lockdowns. For many months, China has been under a strict lockdown, which has resulted in a significant drop in operating revenue from these properties.

Last quarter, the company reported a 31.18% year-over-year decline in operating revenue from Wynn Palace and a 24.42% decline from Wynn Macau. Investors will be watching to see how much properties lost in the second quarter of this year and whether the closures are still affecting resorts.

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Last quarter, Wynn missed analysts’ estimates for quarterly revenue and EPS, with $953.334 million and -$1,210, respectively.

Analysts are taking an upbeat approach to the company’s second-quarter results, with improved estimates for both metrics. Analysts estimate revenue of $980.850 million and EPS of -$1,010.

Price action: Wynn shares are down 1.84% as the stock price fell to $64.68 in Tuesday’s trading session, according to Benzinga Pro.

Photo: Courtesy of Scott Webb at Unsplash

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